ICAEW publishes guide to IFRS 9 and COVID-19
22 Apr, 2020
The Institute of Chartered Accountants in England and Wales (ICAEW) Financial Services Faculty has published a guide to help banks and their auditors deal with the effects of coronavirus on financial reporting under IFRS 9 'Financial Instruments'.
The guide sets out considerations to help banks and their auditors deal with three areas of the standard affected by the economic consequences of coronavirus:
- forecasting and multiple economic scenarios;
- significant increase in credit risk; and
- reporting and disclosure
The guide draws together statements from the International Accounting Standards Board, European Securities and Markets Authority and the Basel Committee on Banking Supervision about how the principles in IFRS 9 may be applied to the situation created by COVID-19.
Please click to access the following information on the ICAEW website:Please click to access the following information on the ICAEW website:
